Sensex closes 71 points down

The index fell Thursday afternoon after FMCG, metal and consumer durables stocks came under selling pressure.

Published: 16th August 2012 09:49 AM  |   Last Updated: 16th August 2012 08:01 PM   |  A+A-


In spite of rise in heavy-weight Reliance Ind (RIL), the BSE benchmark Sensex snapped its 2-day winning spree by slipping 71 points to end at 17,657.21 due to profit-booking mainly in FMCG, Metal, Consumer Durable and banking counters on the back of lower European advices.

Heavyweights like ITC, ICICI Bank, HDFC Bank, Infosys, Tata Steel, SBI, Sterlite Ind GAIL and Hindalco suffered losses while RIL, L&T, HDFC, M&M, Hero MotoCorp and Cipla attracted good buying support and notched handsome gains, cushioning the sensex fall to certain extent.

Cigarette major, ITC was the top loser from the sensex pack with a fall of 3.59 per cent on fears about regulatory action at home after Australia called on the world to match its tough new anti-tobacco marketing laws that will ban logos on cigarette packs.

However, other heavyweight, RIL was in the limelight after the Goldman Sachs said that RIL can potentially become a USD 100 billion stock by fiscal 2017 from its current market capitalisation of around USD 46.6 billion. The stock closed up by 2.04 pct above psychological mark of 800. It touched a 5-month high during trading.

The BSE benchmark Sensitive Index resumed better and was trapped in a narrow range of 17,763.59 and 17,640.62 before finishing at 17,657.21, showing a net loss of 70.99 points or 0.40 per cent from its Tuesday's close. The sensex had risen by 170.46 points or 0.97 per cent in last two days.

The NSE 50-share Nifty also moved down by 17.40 points or 0.32 per cent to settle at 5,362.95. .

Asian stocks ended mostly higher after strong US economic data released yesterday. Key benchmark indices in Singapore, Japan, South Korea and Taiwan were up by between 0.03 pct to 1.88 pct while indices in China and Hongkong down by between 0.32 pct to 0.45 pct.

European shares were also trading lower in their early trade. Key indices in France, Germany and UK declined by 0.03 per cent to 0.16 per cent.

Back home, out of the 30 sensex family shares 20 closed with losses while others ended with gains.

Other major losers from the sensex pack were Hindalco Ind (2.75 pct), Sterlite Ind (2.44 pct), Gail India (2.17 pct), Tata Stl (1.93 pct), Wipro (1.59 pct), Icici Bank (1.30 pct), HDFC Bank (1.22 pct), NTPC (1.05 pct), Maruti Suzuki (0.94 pct) and SBI (0.87 pct).

However, Hero Motocorp rose by 2.69 pct followed by M&M 2.13 pct, Cipla 2.01 pct, Larsen 1.57 pct and HDFC 1.04 pct.

Among the sectoral indices, the BSE-FMCG dropped by 2.06 pct followed by BSE-Metal 1.44 pct, BSE-CD 1.02 pct and Bankex 0.76 pct while BSE-CG firmed up by 0.82 pct and BSE-Oil&Gas by 0.65 pct.

The market breadth turned negative as 1,521 shares ended with losses while 1,306 shares finished with gains. The total turnover moved up slightly to Rs 2,288.29 crs from previous turnover of Rs 2,154.42 crs.

Meanwhile, Foreign Institutional Investors (FIIs) pumped in Rs 258.21 crore on August 14 as per provisional data with stock exchanges.

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